CPC-TruFund BIPOC Developers Equity Fund
CPC-TruFund BIPOC Developers Equity Fund (“DEF”) is a jointly funded initiative launched by Community Preservation Corporation (CPC) and Trufund Financial Services, Inc. aimed at providing BIPOC real estate developers operating and residing within NY State with up to $1 million to aid in predevelopment/acquisition and working capital (organizational capacity) needs.
Terms and Conditions
- Location: Developers that operate and reside in New York State
- Community Focus: Must be aimed at meeting the needs of low-moderate income communities and residents
- Amount: Working capital up to $500,000 and Predevelopment capital up to $750,000 with a total of up to $1,000,000
- Structure: Preferred Equity
- Term: Working Capital: 6 to 36 months; Predevelopment Capital: 3 to 24 months
Eligibility
- Affordable Housing Experience: Minimum of three years of affordable housing experience
- Prior Development Experience: Minimum of three prior independently- completed (as owner of development company) housing developments (preservation or new construction)
- Cash Flow: Existing and/or projected cash flow must be sufficient for fund request
- Emerging Developer: No more than 1,000 units developed independently
Ready to Apply?
To apply, all applicants must register for and attend the upcoming webinar, to be held on November 3, 2021 at 11:30AM, which will provide more information about the initiative as well as some technical assistance on key topics facing emerging developers in the private equity space. Upon confirmation of attendance, applicants will receive a personalized link to apply to the initiative.
Questions?
Please email def@trufund.org with any questions you have.
We look forward to providing more updates!
To receive more information on the BIPOC Developers Equity Fund, please join us for the webinar.